EVTN Announces Strong Growth For 2010, Indicated By Record Levels Of Pending Projects
FORT LAUDERDALE, Fla., Feb. 10 /PRNewswire-FirstCall/ -- 2009 proved to be a significant year for Enviro Voraxial Technology, Inc. (OTCBB: EVTN). Despite the challenges presented by negative global economic conditions, EVTN posted its best year in terms of revenues and completed projects. In the first 3 quarters of 2009, revenues increased by 300% as compared to the entire year of 2008. The percentage increase will increase further once the company's 4th quarter revenue is included. This increase in revenues and project opportunities coincides with the dissemination of the impressive results received from prior installations of EVTN's proprietary Voraxial Separators.
EVTN is now engaged in discussions with more than thirty current and potential customers regarding applications for the Voraxial. Most of these pending sales opportunities are with multi-national corporations with at least five ranked among the ten largest industrial companies in the world. These projects which are predominantly from the oil industry range in value from approximately $75,000 to over $4 million. Many of these projects would require initial Voraxial purchases in excess of the company's entire 2009 sales volume. These sales opportunities were developed by working directly with the oil companies and leveraging our relationships with oil service companies. As we continue to deploy Voraxials and build our relationships with both customers and service companies, we expect our sales volume to accelerate.
Our current backlog of inquiries and potential projects are at record levels, setting the foundation for similar percentage growth in fiscal year 2010. We believe that additional sales will be developed through our relationships with oil service companies. Conservatively, we believe that revenues in 2010 should fall between $1.5 – 2 million. This estimate does not include certain new opportunities we anticipate will materialize during 2010.
An example of the growing recognition of the Voraxial technology is EVTN's recent presentation to the 20th Annual Produced Water Society Seminar in Houston, TX. EVTN was invited to present a paper that demonstrated the enhanced performance data for the Voraxial® Separator, resulting from significant engineering developments. Data was presented regarding the Voraxial Separation System performing produced water separation on both an offshore oil platform and onshore production facility. The data was extremely well received by the attendees, and led to numerous inquiries from both oil production and oil service companies.Along with EVTN, other selected presenters included: Chevron, Shell, the EPA, Saudi Aramco, Argon National Labs and 2 Universities. The US Dept. of Energy estimates more than 55 billion barrels of Produced Water resulting from Oil Production (water combined with oil, solids and other contaminates), is generated each year. This is just one of the many, multi-billion dollar, global market sectors in which EVTN's separation technology has the potential to play a significant role. EVTN believes that the company's inclusion as a presenter during the Seminar provides further evidence of the credibility EVTN's Voraxial® Separation technology has achieved in global business and scientific communities.
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